LLC where to form

[Josh Harms]

I have about 45 rental property. I have great insurance with a balloon policy. I need to set up a LLC but I am not for sure if I need to set it up in Illinois where all of my property is located or in another state. Also the state of Illinois has what they call a series LLC and I was wanting some feedback from other investors. If anyone can help please let me know.

Thanks,
Josh

[Will Barnard]

Josh,

You have 45 properties and have not yet formed a corporate entity? Fire your financial advisor right now and get with the program. While a corporate entity is not the end all be all, it is a layer of protection for you (your assets more specifically).

As to where to form, ALWAYS form in the state in which you are doing business, in this case, IL.

As to the series LLC's, they are a great option for those states that currently recognize them.